SAN JOSE, Calif., LONDON and BAAR-ZUG, Switzerland, May 21, 2018 /PRNewswire/ -- GlobalLogic Inc., Apax Partners, and Partners Group today announced that Funds advised by Apax Partners, the global private equity advisory firm, have agreed to sell their ownership stake in GlobalLogic Inc. to Partners Group, the global private markets investment manager, which is acting on behalf of its clients in the acquisition. The transaction values GlobalLogic, a leader in digital product engineering services, at over two billion dollars. Following the acquisition, Partners Group becomes an equal shareholder with existing investor Canada Pension Plan Investment Board (CPPIB).
With over $500M in revenue, and 20%+ organic growth rate, GlobalLogic has more than doubled in revenue and EBITDA since the Apax Funds first invested in the company in 2013. The company has been an innovator in the digital product engineering services space, with 12,000 employees worldwide working at design studios and engineering centers across the globe. GlobalLogic helps clients build innovative digital products that enhance customer engagement, and create new revenue streams. Its clients represent well-known global brands across multiple industry verticals.
Demand for digital product engineering services has grown rapidly, and GlobalLogic has been instrumental in helping organizations navigate the digital transformation arena. Next-generation cloud platforms, mobile and web applications, the Internet of Things (IoT), and other digital experiences have amplified the urgent need for brands to stay inventive and be able to offer customers a personalized and coherent service experience. GlobalLogic helps its customers build these innovative products and accelerates their journey in becoming the digital businesses of tomorrow. With Partners Group on board, the company can leverage the firm's relationships, as it looks to continue to grow the business, especially in Europe.
"Partners Group has a long and successful track record of working with high growth companies and we are very pleased to have an investor that understands our business and shares our vision of building an even stronger company," said Shashank Samant, CEO, GlobalLogic. "We are thankful to Apax Partners for their strong partnership and strategic support for the past four and a half years, and we look forward to our next chapter of growth as we expand into new markets and geographies with our new investment partner."
"GlobalLogic is a market out-performer with strong momentum and a talented management team," said Todd Miller, Managing Director, Private Equity Americas, at Partners Group in Denver. "Digital transformation throughout the economy is driving demand for next-generation product engineering services, a long-term trend we expect to continue for many years. GlobalLogic's world-class network of software engineers assist clients to deploy cutting-edge software products that propel their businesses forward. We are excited to work with CPPIB as well as Shashank and his team to further strengthen the company's competitive position and prospects for sustainable, long-term growth and enduring profitability."
Rohan Haldea, Partner at Apax Partners, said: "We would like to thank Shashank and his team for all they have achieved over the past four and a half years. By investing in both its people and technical capabilities, GlobalLogic has cemented its position as a global leader in digital product engineering services. By delivering excellent customer outcomes the business has seen impressive growth. We wish the team all the best for the future."
"We have benefited from a collaborative partnership with Apax over the past year and we are grateful for their contributions to GlobalLogic's unique digital innovation growth story. CPPIB plans to continue to invest in GlobalLogic through its journey as the partner of choice to Fortune 500 companies for digital transformation and core software product development," said Ryan Selwood, Managing Director, Head of Direct Private Equity, CPPIB. "We look forward to working alongside another world-class investor in Partners Group to support Shashank's vision for the next stage of GlobalLogic's rapid evolution."
In April 2017, the Apax Funds sold 48% of its equity stake in GlobalLogic to CPPIB.
About Partners Group
Partners Group is a global private markets investment management firm with EUR 62 billion (USD 74 billion) in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 1,000 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees. www.partnersgroup.com
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments of over $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
GlobalLogic is a leader in digital product engineering services. We help our clients design and build innovative products, platforms, and digital experiences for the modern world. By integrating strategic design, complex engineering, and vertical industry expertise -- we help our clients imagine what's possible, and accelerate their transition into tomorrow's digital businesses. Headquartered in Silicon Valley, GlobalLogic operates design studios and engineering centers around the world, extending our deep expertise to customers in the communications, automotive, healthcare, technology, media and entertainment, manufacturing, and semiconductor industries.
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2017, the CPP Fund totaled C$337.1 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn, Facebook or Twitter.
Jenny Blinch, Phone: +44 207 575 2571
Email: [email protected]
Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | [email protected]
USA Media: Todd Fogarty / Aduke Thelwell, Kekst | +1 212-521 4800 | [email protected]
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | [email protected]
Global Media: Alicia Nieva-Woodgate, ANW Networks | +1 720.808.0086 | [email protected].
SOURCE Apax Partners